2025年6月打新策略环境与收益回顾

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The relaxation of the Sci - tech Innovation Board's new - share subscription system is expected to increase new - share subscription opportunities. The policy expanding the scope of the fifth listing standard on the Sci - tech Innovation Board may encourage more technology companies to list, increasing institutional offline new - share subscription opportunities [2]. - In June, the number of institutional participants in the inquiry increased marginally, and the activity was higher than the average level in the first half of the year. With the continuous loosening of IPO policies, more institutional investors are expected to participate in the offline new - share subscription market, but the winning rate may remain low [2]. - In June, both the hedging and new - share subscription ends saw a recovery in returns, and the overall strategy return increased month - on - month. For example, with a 200 - million - yuan stock bottom position, the monthly new - share subscription return rate for the main board and the STAR Market and ChiNext was about 1.02%, and the return from new - share subscription alone was about 0.9% [3]. 3. Summary by Relevant Catalogs 3.1 New - share Subscription Rules - On June 18, the CSRC issued an opinion to enhance the system's inclusiveness and adaptability on the Sci - tech Innovation Board. It expanded the scope of the fifth listing standard, allowing unprofitable companies in more cutting - edge technology fields such as artificial intelligence, commercial aerospace, and low - altitude economy to list. As of early July, some unprofitable companies have applied to list on the Sci - tech Innovation Board [2]. 3.2 Market Environment - In June, 3 out of 6 new stocks belonged to the TMT sector, and 2 belonged to the new energy and automotive sectors. The technology and electrical concepts attracted high institutional attention. On June 20, Everbright Wealth Management entered the new - share subscription market through hybrid products, marking the official entry of wealth management funds into the market [2]. 3.3 New - share Subscription Returns - In June, with a 200 - million - yuan stock bottom position, the monthly new - share subscription return rate for the main board and the STAR Market and ChiNext was about 1.02%, and the return from new - share subscription alone was about 0.9%. In May, the strategy's decline was affected by the convergence of IF discount. In June, due to the ex - dividend disturbance, the IF basis declined, and the hedging end obtained a small amount of additional return. Three new stocks on the main board had a first - day increase of more than 2.5 times, contributing to the increase in strategy returns [3].