中信证券：网下打新收益将继续维持稳态区间 2亿元规模的A类账户打新收益预计在3%~4%左右

Group 1 - The core viewpoint of the report indicates that the issuance scale of new stocks on the Shanghai and Shenzhen exchanges is expected to grow by 110% year-on-year in 2025, with an average first-day increase of 213% [1] - For A-class accounts with a scale of 2 to 5 billion, the estimated offline subscription yield for new stocks on the Shanghai and Shenzhen exchanges in 2025 is approximately 2.49% to 3.83% [1] - The total issuance scale of new stocks on the Beijing Stock Exchange is projected to be 7.5 billion in 2025, with a continued decline in online winning rates and an average first-day increase of 284% [1] Group 2 - For accounts with a scale of 10 million, the estimated online subscription yield for new stocks on the Beijing Stock Exchange in 2025 is approximately 2.64% [1] - The report anticipates that offline subscription yields will maintain a stable range, with expected yields for A-class accounts of 200 million around 3% to 4% in the context of improved regulations and stable structures [1]