从“集体躺赚”到“靠专业吃饭”，基金打新“打法”迭代

Group 1 - The core viewpoint is that the strategy for public funds participating in IPOs has evolved from a "collective profit" approach to a "professional reliance" model due to changes in the market and regulatory environment [1][6][7] - Public funds have seen a significant increase in participation in offline allocations as the profitability of IPOs has returned, with many funds planning to enhance returns through IPO participation in the second half of the year [3][4] - The "white list" of qualified institutional investors released by the China Securities Association includes 21 institutions, indicating a shift towards more professional and regulated participation in the IPO market [1][9] Group 2 - Recent data shows that several stocks have seen first-day gains exceeding 10 times their issue price, with an average first-day closing price increase of over 230% for new stocks in the first seven months of the year [3][6] - The traditional strategies of public funds for IPO participation have been identified as "fixed income +" and "index + hedge," but these strategies have shown vulnerabilities in changing market conditions [6][7] - The introduction of stricter regulations and the establishment of a "white list" are expected to improve the pricing efficiency of new stocks and shift the focus from short-term gains to long-term strategic investments [9][10]