- The report tracks the recent performance of the IPO market, focusing on the Sci-Tech Innovation Board (STAR Market), ChiNext, and the Main Board, assuming all stocks are fully subscribed and sold at the average market price on the first day of listing, excluding lock-up restrictions[2][10] - As of August 1, 2025, the IPO yield for a 2 billion A-class account is 1.92%, while for a 10 billion A-class account, it is 0.61%[2][10] - The average first-day increase for STAR Market stocks is 218.45%, and for ChiNext stocks, it is 227.38%, based on the performance of 20 recently listed stocks[2][20] - The median number of valid bidding accounts for STAR Market IPOs is approximately 3,062 for A-class accounts and 1,602 for B-class accounts, while for ChiNext IPOs, the numbers are 3,630 and 2,080, respectively[2][27] - The report calculates the theoretical full subscription income for each stock using the formula: **Full Subscription Quantity = Maximum Subscription Limit × Average Offline Winning Rate** **Full Subscription Income = (First Board Price - Initial Offering Price) × Full Subscription Quantity**[39][42] - The highest full subscription income among recent IPOs is 141.4 million yuan for Huadian New Energy, followed by 44.18 million yuan for Yitang Co., and 17.26 million yuan for Shanda Electric[42][45] - For A-class accounts, the cumulative IPO yield since 2024 is 5.65% for a 2 billion account, while for 2025 alone, it is 1.92%[47][48] - For B-class accounts, the cumulative IPO yield since 2024 is 4.64% for a 2 billion account, while for 2025 alone, it is 1.72%[51][52]

Group 1: IPO Market Overview - In July 2025, the A-share market issued 9 new stocks, raising a total of 23.2 billion yuan, primarily driven by Huadian New Energy's fundraising of 18.2 billion yuan, the largest IPO of the year[10] - The average fundraising rate for newly issued stocks was 99.7%, with 3 out of 6 new stocks exceeding their fundraising targets[15] - The average price-to-earnings (PE) ratio for new stocks in July was 19 times, down from 23 times in June, with an average discount of 43% compared to comparable companies[21] Group 2: Market Performance and Participation - The average first-day closing price increase for new stocks was 252%, a rise of 63 percentage points from the previous month, maintaining a "zero break" record for the year[39] - The number of offline participants in the new stock market reached a record high in 2025, with over 8,000 participants in the main board and over 7,000 in the ChiNext board[22] - The offline allocation ratio for the ChiNext A/B classes was 0.0250% and 0.0242%, respectively, both showing increases of 11% and 8%[29] Group 3: Registration and Approval Process - The average "acceptance-to-issuance" cycle for IPOs was 854 days, a decrease of 13% from the previous month, indicating a faster registration process[61] - As of the end of July 2025, there were 324 IPO projects pending approval, with a total intended fundraising amount of 307.1 billion yuan[64] - The approval rate for IPO projects in July was 80%, with 9 projects reviewed and 11 projects registered[61] Group 4: Risk Factors - Potential risks include changes in the pace of IPO approvals, adjustments to issuance regulations, fluctuations in investor participation, and systemic risks[66]

Summary of Key Points Core Viewpoint - In the first seven months of 2025, a total of 59 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 59.116 billion yuan in funds [1]. Group 1: Listing Overview - 22 companies were listed on the main board, 22 on the ChiNext board, 8 on the Sci-Tech Innovation board, and 7 on the Beijing Stock Exchange [1]. - The listed companies are distributed across 15 provinces, municipalities, and autonomous regions, with Jiangsu, Guangdong, and Zhejiang having the highest number of listings [1][2]. Group 2: Fundraising by Province - Jiangsu Province had 14 companies listed, raising a total of 59.27 billion yuan [2]. - Guangdong Province had 12 companies listed, raising a total of 86.10 billion yuan [2]. - Zhejiang Province had 10 companies listed, raising a total of 96.93 billion yuan [2]. - Anhui Province had 5 companies listed, raising a total of 31.53 billion yuan [2]. Group 3: Top Fundraising Companies - The top five companies by fundraising amount are: - Huadian New Energy: 15.801 billion yuan [1][4] - Zhongce Rubber: 4.066 billion yuan [1][6] - Tianyouwei: 3.740 billion yuan [1][8] - Yitang Co., Ltd.: 2.497 billion yuan [1][5] - Yingshi Innovation: 1.938 billion yuan [1][6].

Quantitative Models and Construction Methods Model Name: New Stock Issuance Model - **Construction Idea**: The model aims to track the performance of newly issued stocks in various market segments, including the main board, ChiNext, and STAR Market[1][12][22]. - **Construction Process**: - Collect data on the number of new stocks issued, the amount of funds raised, and the first-day price performance. - Calculate the average first-day price increase for each market segment. - Formula: $ \text{Single Account Stock Return} = \min(\text{Account Size}, \text{Subscription Limit}) \times \text{Winning Rate} \times \text{Return Rate} $ $ \text{A/B/C Class Investors Full Return} = \text{Subscription Limit} \times \text{A/B/C Class Offline Winning Rate} \times \text{Return Rate} $ - Parameters: - Winning Rate: Actual winning rate of offline new stock issuance. - Return Rate: For new stocks listed on the STAR Market and ChiNext, and under the comprehensive registration system on the main board, the return rate is the first-day average transaction price relative to the issue price. For non-registration system main board stocks, the return rate is the average transaction price on the opening day relative to the issue price[40][41][42]. - **Evaluation**: The model provides a comprehensive view of the performance of new stock issuances across different market segments, helping investors understand the potential returns from participating in new stock offerings[1][12][22]. Model Backtesting Results New Stock Issuance Model - **Main Board**: - A Class: Monthly return rate 0.159%, cumulative return 1.000%[41][42][47] - C Class: Monthly return rate 0.141%, cumulative return 0.908%[41][42][47] - **ChiNext**: - A Class: Monthly return rate 0.035%, cumulative return 1.128%[41][45][47] - C Class: Monthly return rate 0.034%, cumulative return 0.989%[41][45][47] - **STAR Market**: - A Class: Monthly return rate 0.064%, cumulative return 0.547%[41][46][47] - C Class: Monthly return rate 0.063%, cumulative return 0.527%[41][46][47] Quantitative Factors and Construction Methods Factor Name: New Stock Performance Factor - **Construction Idea**: This factor aims to measure the performance of new stocks on their first day of trading, providing insights into the potential returns from participating in new stock offerings[1][12][22]. - **Construction Process**: - Collect data on the first-day price performance of new stocks. - Calculate the average first-day price increase for each market segment. - Formula: $ \text{First-Day Price Increase} = \frac{\text{First-Day Closing Price} - \text{Issue Price}}{\text{Issue Price}} \times 100\% $ - Parameters: - First-Day Closing Price: The closing price of the stock on its first day of trading. - Issue Price: The price at which the stock was issued[1][12][22]. - **Evaluation**: This factor provides a clear measure of the initial performance of new stocks, helping investors gauge the potential returns from participating in new stock offerings[1][12][22]. Factor Backtesting Results New Stock Performance Factor - **Main Board**: - Average first-day price increase: 276.29%[22][23] - **ChiNext**: - Average first-day price increase: 356.00%[22][23] - **STAR Market**: - Average first-day price increase: 174.56%[22][23] Fund Product Performance Fund Product Performance in New Stock Offerings - **Construction Idea**: Measure the participation and success rate of fund products in new stock offerings, and calculate their estimated returns based on their participation and winning rates[57][58][59]. - **Construction Process**: - Collect data on the participation and winning rates of fund products in new stock offerings. - Calculate the estimated returns based on the latest fund quarterly report. - Formula: $ \text{Participation Rate} = \frac{\text{Number of New Stocks Quoted}}{\text{Total Number of New Stocks Issued}} $ $ \text{Winning Rate} = \frac{\text{Number of Valid Quotes}}{\text{Number of New Stocks Quoted}} $ - Parameters: - Participation Rate: The rate at which the fund product participates in new stock offerings. - Winning Rate: The rate at which the fund product's quotes are accepted[57][58][59]. - **Evaluation**: This method provides a detailed view of the performance of fund products in new stock offerings, helping investors understand the potential returns from participating in new stock offerings through fund products[57][58][59]. Fund Product Backtesting Results Fund Product Performance - **Top Performing Funds**: - Middle European Shanghai-Shenzhen 300 Index A: Estimated return rate 0.337%[57][58][59] - ICBC Quality Selection A: Estimated return rate 0.33%[57][58][59] - Huatai-PineBridge Innovation Power: Estimated return rate 0.33%[57][58][59] Institutional Performance Institutional Performance in New Stock Offerings - **Construction Idea**: Measure the participation and success rate of institutions in new stock offerings, and calculate their estimated returns based on their participation and winning rates[60][61][62]. - **Construction Process**: - Collect data on the participation and winning rates of institutions in new stock offerings. - Calculate the estimated returns based on the latest institutional quarterly report. - Formula: $ \text{Participation Rate} = \frac{\text{Number of New Stocks Quoted}}{\text{Total Number of New Stocks Issued}} $ $ \text{Winning Rate} = \frac{\text{Number of Valid Quotes}}{\text{Number of New Stocks Quoted}} $ - Parameters: - Participation Rate: The rate at which the institution participates in new stock offerings. - Winning Rate: The rate at which the institution's quotes are accepted[60][61][62]. - **Evaluation**: This method provides a detailed view of the performance of institutions in new stock offerings, helping investors understand the potential returns from participating in new stock offerings through institutional products[60][61][62]. Institutional Backtesting Results Institutional Performance - **Top Performing Institutions**: - GF Fund: Estimated return rate 1.74 billion[60][61][62] - China Asset Management: Estimated return rate 1.51 billion[60][61][62] - E Fund Management: Estimated return rate 1.33 billion[60][61][62]

市场全天震荡调整，三大指数小幅收跌。 盘面上，医药板块全线逆势走强，创新药概念延续强势，昂利康（002940）涨停；中药股展开补涨，维 康药业（300878）涨停；光伏概念反弹，捷佳伟创（300724）涨停；午后AI应用端活跃，智能体方向 领涨，鼎捷数智（300378）涨超10%；数据要素概念走强，深桑达A涨停。下跌方面，体育概念集体调 整，共创草坪（605099）跌停。 截至收盘，沪指跌0.37%，深成指跌0.17%，创业板指跌0.24%。市场热点快速轮动，个股涨多跌少，全 市场超3300家个股上涨。沪深两市全天成交额1.60万亿，较上个交易日缩量3377亿。 市场再现"技术性调整" 今日，A股市场震荡调整，三大指数均小幅下跌，量能较昨日大幅萎缩。 对于最近两日A股的杀跌，机构认为主要还是技术性调整。一方面，从市场结构而言存在涨幅快速积累 后的回调需求，指数摸高至3600点的过程中，不少板块站上阶段性高位，资金获利离场。另一方面，中 报季来临，进入8月中报期，市场将要开始验证上市公司业绩成色。 消息面上，快递行业近期催化颇多。一是国家邮政局召开快递企业座谈会，就依法依规治理行业"内卷 式"竞争，强化农村地区 ...

1只新股今日发行，广东建科发行1.05亿股，发行价6.56元，募资金额6.87亿元。 （文章来源：证券时报网） 地域分布来看，今年已发行新股主要集中在江苏、广东、浙江，分别有16家、12家、10家公司，募资金 额排名居前的分别是福建、浙江、广东，年内募资金额分别为158.01亿元、96.93亿元、86.03亿元。 （数据宝） 今年以来已发行新股 | 代码 | 简称 | 发行日期 | 发行总量（万股） | 发行价（元） | 募集资金（亿元） | | --- | --- | --- | --- | --- | --- | | 600930 | 华电新能 | 2025.07.07 | 496894.42 | 3.18 | 158.01 | | 603049 | 中策橡胶 | 2025.05.23 | 8744.86 | 46.50 | 40.66 | | 603202 | 天有为 | 2025.04.14 | 4000.00 | 93.50 | 37.40 | | 688729 | 屹唐股份 | 2025.06.27 | 29556.00 | 8.45 | 24.97 | | 688775 | 影石创新 | 202 ...

Group 1 - The establishment of Huadian (Rudong) Offshore Wind Power Co., Ltd. has been reported, with a registered capital of 30 million yuan [1] - The company is involved in various business activities including power generation, transmission, and distribution, as well as installation, maintenance, and testing of electrical facilities [1] - The company is co-owned by Huadian New Energy, Shanghai Electric Wind Power Group Co., Ltd., and Far East Cable Co., Ltd. [1] Group 2 - The company’s business scope includes research and development in emerging energy technologies, offshore wind power systems, and energy storage technology services [1] - Additional activities include the acquisition and wholesale of aquatic products, as well as the promotion of new materials technology [1] - The company is permitted to operate only after obtaining necessary approvals for certain projects [1]

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - The report indicates that over 21% of the secretaries earn more than 1 million yuan annually [1] Industry Overview - In the power equipment sector, which includes 371 listed companies, the total salary for secretaries amounted to 272 million yuan, with an average salary of approximately 733,900 yuan and a median salary of about 600,000 yuan [1] - The top 10 highest-paid secretaries in the power equipment industry include companies such as Goldwind Technology, Laplace, and Sungrow Power [1] Top Earners - Goldwind Technology's secretary, Ma Jinru, has the highest salary at 3.65 million yuan, which is five times higher than the salary of Huang Yongjian, the secretary of Huadian New Energy, who earns 668,000 yuan [1] - Other notable salaries in the top 10 include: - Laplace: 3.167 million yuan - Sungrow Power: 3.020 million yuan - Haibo Technology: 2.950 million yuan [2]

Core Viewpoint - The article highlights the performance of new IPOs in the A-share market from January to July 2025, indicating a significant increase in both the number of new listings and the total funds raised compared to the same period last year [1]. Group 1: IPO Performance - A total of 59 new companies were listed in the A-share market from January to July 2025, representing an 18.00% increase from 50 companies in the same period last year [1]. - The net fundraising amount for these 59 new listings reached 544.21 billion yuan, which is a 63.83% increase compared to 332.18 billion yuan in the previous year [1]. Group 2: Underwriting Institutions Ranking - 26 underwriting institutions participated in the IPOs of the 59 new companies, with a total of 60 deals due to dual appointments for some companies [2]. - The top three underwriting institutions by the number of deals are: - First: Guotai Junan with 7 deals - Second: Huatai United and CITIC Securities, each with 6 deals [2]. Group 3: Legal and Accounting Firms Ranking - 25 law firms provided legal services for the 59 new IPOs, with the top three being: - First: Shanghai Jintiancheng with 9 deals - Second: Beijing Zhonglun with 6 deals - Third: Guangdong Xinda with 4 deals [5]. - 15 accounting firms provided auditing services for the IPOs, with the top three being: - First: Rongcheng with 13 deals - Second: Lixin and Tianjian, each with 9 deals [5].

数据来源：天眼查APP 证券之星消息，根据天眼查APP数据整理，近日，华电(措美)新能源有限公司成立，法定代表人为龚 科，注册资本1000万元，经营范围包含：许可项目：发电业务、输电业务、供(配)电业务(依法须经批准 的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门许可证件为准)一般项目：发 电技术服务;风力发电技术服务;太阳能发电技术服务;工程技术服务(规划管理、勘察、设计、监理除外) (除依法须经批准的项目外，自主开展法律法规未禁止、限制的经营活动)。天眼查APP股权穿透显示， 该公司由华电新能全资持股。 ...