数读IPO系列：2024年沪深新股总结

Investment Rating - The report does not explicitly state an investment rating for the company or industry Core Insights - Timing remains a key factor in enhancing investment returns and success rates in the secondary market, with new stocks listed during upward cycles performing significantly better than those listed at other times [3] - The average secondary market investment return for new stocks reached 22.47%, an increase of 8.27 percentage points year-on-year, despite a decline in average investment success rates to 27.63%, down 7.26 percentage points year-on-year [3] - The analysis indicates that the month of listing has the most significant impact on secondary market investment returns, with September, May, and August showing superior performance [3] Summary by Sections 1. New Stock Supply and Fundraising - In 2024, a total of 76 new stocks were listed on the Shanghai and Shenzhen exchanges, a decrease of 160 from 2023, primarily due to regulatory changes [35] - The total fundraising amount for new stocks in 2024 was 591.74 billion, down 82.69% from 2023, reflecting a significant reduction in the number of new listings and a more restrained financing environment [36][111] - The average fundraising amount for new stocks was 7.79 million, a decrease of 46.24% year-on-year [111] 2. New Stock Performance - The average opening return for new stocks in 2024 was 233.30%, approximately 3.58 times that of 2023, with only one stock experiencing a decline in price [31][122] - The average closing return for new stocks was 262.70%, also about 3.52 times that of 2023 [122] - The new stock performance was highest in the ChiNext board, with an average opening return of 279.48% and a closing return of 307.04% [127] 3. Industry Analysis - The industries with the highest average secondary market investment returns included computer, national defense, and biomedicine, with the ChiNext board stocks leading in both investment success rates and returns [60][90] - The average secondary market investment return for ChiNext stocks was 32.79%, significantly higher than the main board's 5.29% [60] - The highest average opening returns for new stocks were observed in the months of October and November, attributed to increased market activity following significant policy changes [53]