北交所再现0.03%中签率，交大铁发网上冻资额北证全市场第二

Core Viewpoint - The recent issuance results of Jiao Da Tie Fa (Sichuan Southwest Jiaotong Railway Development Co., Ltd.) show a significant oversubscription with an online effective subscription multiple of 3234.41 times, leading to a very low allocation rate of only 0.03%, marking a historical low for the North Exchange market in 2025 [1][2][5]. Group 1: Issuance and Subscription Details - Jiao Da Tie Fa's online effective subscription reached 586.58 billion shares, with 486,024 investors participating in the online issuance [2][3]. - The issuance price was set at 8.81 yuan per share, resulting in a total frozen capital of approximately 516.77 billion yuan [3][5]. - The low allocation rate of 0.03% is consistent with other recent listings, such as Honghai Technology, which also had the same allocation rate [1][2]. Group 2: Market Context and Trends - The average first-day increase for new stocks listed on the North Exchange in 2025 has reached 303.91%, a significant increase from 217.69% in 2024 [5]. - The trend of low allocation rates and high frozen capital indicates strong investor enthusiasm, which has become a norm in the North Exchange market [5][6]. - Analysts from Kaiyuan Securities and Guohai Securities express optimism about the investment value of the North Exchange in 2025, citing improved quality of listed companies and attractive initial price-earnings ratios [5][6].