基金经理：警惕新股首日炒作行情

Core Viewpoint - The recent trend of new stocks in the A-share market shows significant initial price surges, but many investors face losses shortly after due to high opening prices and subsequent declines [1][2][4]. Group 1: New Stock Performance - As of June 12, 2023, all 48 new stocks listed this year experienced price increases on their first day, with none facing a decline [2]. - Over 85% of new stocks doubled in price on their debut, with some surging over 600% [2]. - More than 70% of new stocks reached their peak price on the first day, indicating a pattern of high opening followed by declines [2][3]. Group 2: Investor Behavior - The number of investors participating in online subscriptions for new stocks has significantly increased, with 36 new stocks attracting over 10 million accounts [2]. - Many fund managers express confusion over the sources of capital driving these initial surges, suggesting a lack of understanding of market dynamics [3]. - A substantial portion of investors who bought stocks on the first day experienced losses, with over 70% of them facing declines if they held onto their shares until June 12 [3][4]. Group 3: Market Dynamics - The phenomenon of high opening prices followed by declines is attributed to speculative trading, which distorts the stock's reasonable valuation [4]. - Fund managers typically adopt a strategy of selling new stocks on the first day, reflecting a cautious approach to initial public offerings [4][5]. - The turnover rate for new stocks on their first day exceeds 60%, with nearly half surpassing 80%, indicating high trading activity [4]. Group 4: Institutional Participation - Public fund managers show a low level of participation in new stocks during their initial phase, often waiting for a period before conducting research [5]. - Less than 30% of the top ten shareholders in new stocks listed in the first quarter of 2023 were public institutions, highlighting a trend of individual investors dominating early investments [5].