IPO受理暴增3倍，4000点上变局出现！
Sou Hu Cai Jing·2026-01-07 07:15

Core Viewpoint - The surge in A-share IPO applications in 2025 to 300, nearly tripling from 77 in 2024, is not indicative of a market recovery but rather reflects adjustments in the acceptance process, with a significant portion coming from the Beijing Stock Exchange and a focus on advanced manufacturing and hard technology firms [1][3][9] Group 1: IPO Insights - The increase in IPO applications should not be mistaken for a comprehensive market rebound; it is more about the adjustment in the acceptance rhythm rather than a true recovery [3][9] - The majority of the new IPOs are from the Beijing Stock Exchange, which accounts for nearly 60% of the total applications, while the Sci-Tech Innovation Board primarily features loss-making hard technology companies [1][8] - The market's preference for stability is highlighted by the fact that 89% of companies selected profitability as a standard for listing, contrasting with the Sci-Tech Innovation Board's allowance for losses based on growth potential [8][10] Group 2: Investment Behavior Analysis - Understanding the underlying trading behaviors is crucial; not all accepted IPOs will pass, similar to how not all rising stocks are worth buying [5][9] - The concept of "institutional inventory" is essential for identifying whether institutional investors are actively participating in trades, which can indicate the sustainability of price movements [5][8] - The distinction between "virtual declines" and "false rises" in stock prices mirrors the potential pitfalls in interpreting IPO numbers without considering the actual market dynamics [3][9] Group 3: Importance of Behavioral Data - Behavioral data, such as institutional participation, is more reliable than surface-level metrics like IPO numbers or stock prices; this can help avoid being misled by superficial trends [9][10] - The reliance on data tools to track institutional trading characteristics can provide insights into market behavior, helping investors to navigate potential traps of "false rises" and "virtual declines" [10]