国君2025春季策略|新股:寒尽觉春生,IPO提质再出发

Investment Rating - The report does not explicitly state an investment rating for the company or industry Core Insights - The IPO market is undergoing reforms aimed at enhancing quality, with multiple regulatory changes expected to improve listing standards and investor management [1] - The IPO issuance pace in 2024 is projected to be at a historically low level, with a slight recovery anticipated in Q3 following new policies, resulting in 100 new A-share listings and a total fundraising of 67.353 billion [1] - The acceptance of the first unprofitable company on the Sci-Tech Innovation Board since last year signals a positive trend for high-tech enterprises seeking funding, with expectations for a gradual recovery in the review pace [2] - A rebound in new stock issuance is anticipated for 2025, with a neutral forecast suggesting a 5 billion scale A-class account could see an annual incremental return of approximately 3.39%, with total fundraising expected around 114 billion [2] Summary by Sections - Regulatory Changes: The China Securities Regulatory Commission is revising multiple regulations to enhance the IPO market, including stricter listing standards and improved delisting requirements [1] - 2024 IPO Market Outlook: The overall IPO issuance is expected to be slow, with specific figures indicating A/B class accounts could yield returns of 1.79% and 1.45% respectively [1] - 2025 Forecast: The report predicts a recovery in the issuance pace, estimating 80 to 180 new listings and a total fundraising of approximately 114 billion, with expected first-day average gains for new stocks across different boards [2]