“打新定期跟踪”系列之二百零六：上市新股首日涨幅有所回落

• The report tracks the recent performance of the offline IPO market for the STAR Market, ChiNext, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][9] - The IPO yield for Class A accounts with a scale of 200 million is 0.66%, and for Class C accounts with a scale of 200 million is 0.56%; for Class A accounts with a scale of 1 billion, the IPO yield is 0.15%, and for Class C accounts with a scale of 1 billion, the IPO yield is 0.13% [2][9] - The average first-day increase for STAR Market stocks is 192.07%, and for ChiNext stocks, it is 385.25% [2][17] - The median number of valid quotation accounts for recent 20 new stocks is tracked, with approximately 2975 valid quotation accounts for Class A and 1876 for Class C in STAR Market; approximately 3087 valid quotation accounts for Class A and 2007 for Class C in ChiNext; approximately 3357 valid quotation accounts for Class A and 2473 for Class C in the Main Board [2][20] Model Construction Process - The report estimates the full hit yield for each stock using the average hit rate of Class A institutions. The calculation method for the full hit yield of each stock is: $\text{Full hit quantity} = \text{Maximum subscription limit} \times \text{Average hit rate of Class A institutions}$ $\text{Full hit yield} = (\text{First board price} - \text{Initial price}) \times \text{Full hit quantity}$ [36][38] Model Backtest Results - The full hit yield for most stocks is between 0 to 25 million yuan, with the highest being Haibosi Chuang, Junwei Electronics, and Chaoyan Shares, reaching 23.93, 20.09, and 16.86 million yuan respectively [36][38] - The report lists the offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 0.66% in 2025 [39][41][42] - The report also lists the monthly offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 4.39% in 2024 [39][41][42] Factor Construction Process - The report tracks the recent performance of the offline IPO market for the STAR Market, ChiNext, and the Main Board, assuming all stocks are hit and sold at the market average price on the first day of listing, ignoring the lock-up period restrictions [2][9] - The IPO yield for Class A accounts with a scale of 200 million is 0.66%, and for Class C accounts with a scale of 200 million is 0.56%; for Class A accounts with a scale of 1 billion, the IPO yield is 0.15%, and for Class C accounts with a scale of 1 billion, the IPO yield is 0.13% [2][9] - The average first-day increase for STAR Market stocks is 192.07%, and for ChiNext stocks, it is 385.25% [2][17] - The median number of valid quotation accounts for recent 20 new stocks is tracked, with approximately 2975 valid quotation accounts for Class A and 1876 for Class C in STAR Market; approximately 3087 valid quotation accounts for Class A and 2007 for Class C in ChiNext; approximately 3357 valid quotation accounts for Class A and 2473 for Class C in the Main Board [2][20] Factor Backtest Results - The full hit yield for most stocks is between 0 to 25 million yuan, with the highest being Haibosi Chuang, Junwei Electronics, and Chaoyan Shares, reaching 23.93, 20.09, and 16.86 million yuan respectively [36][38] - The report lists the offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 0.66% in 2025 [39][41][42] - The report also lists the monthly offline IPO yields for different account scales, assuming all stocks are hit and sold at the market average price on the first day of listing, with a 90% capital utilization rate. For example, for a 2 billion Class A account, the IPO yield is 4.39% in 2024 [39][41][42]