[Hot and cold differentiation of Hong Kong new stocks: high subscriptions and broken shares coexist] October 30th, the Hong Kong new stock market is showing a clear hot and cold differentiation pattern. Wind data shows that of the 119 new stocks listed on Hong Kong stocks this year, 28 have more than doubled on their first day of listing, and 30 have seen their closing prices fall on the first day. Some targets have been over-subscribed and are highly sought after by funds, and some new stocks have experienced a break-up upon listing, significantly raising the uncertainty of new earnings. Many interviewees said that the differentiation between hot and cold new stocks in Hong Kong stocks can also be said to be the differentiation between "scarce assets + reasonable valuation" and "homogeneous supply + high valuation". The uneven hotness and coldness of new investments is mainly determined by investor preferences and tight liquidity. At present, the capital structures involved in new investments are more diversified, but generally they prefer AI-related targets. (China Securities Journal)