《证券发行与承销管理办法》等4项规则修订简评：网下扩容同步差异化配售，发挥长线资金引领作用

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) revised the "Securities Issuance and Underwriting Management Measures" and three other rules to encourage long-term capital investment and optimize the capital market ecosystem[2] - The revisions expand the types of offline investors and clarify the allocation system for unprofitable companies, aiming to attract more long-term funds into the market[4] Group 2: Investor Participation - Bank wealth management and insurance asset management products are now included as Class A allocation targets, facilitating long-term capital participation in offline new stock offerings[4] - As of 2025, there are approximately 572 equity-based bank wealth management products with a total scale of only 9.693 billion yuan, primarily concentrated in 20 leading firms[4] Group 3: Unprofitable Companies - The new regulations allow differentiated lock-up ratios or periods for unprofitable companies, encouraging institutions to conduct in-depth research and hold investments long-term[4] - For unprofitable companies, the lock-up ratio is set at no less than 10% for offerings under 1 billion yuan, 40% for offerings between 1 billion and 10 billion yuan, and 70% for offerings over 10 billion yuan[4] Group 4: Risk Considerations - The expansion of offline investor types may lead to a decline in the winning rate for allocations[4]