2025年北交所新股申购7月报：新股发行节奏提速，申购热度超预期-20250806

Group 1: New Stock Issuance and Performance - In July 2025, the North Exchange issued 2 new stocks, raising a total of 492 million yuan, with a cumulative issuance of 7 stocks and a total fundraising of 2.485 billion yuan from January to July 2025[5] - The first-day price increase for Dingjia Precision was 459.51%, with a theoretical subscription yield of +0.138%[3] - The cumulative yield for new stock subscriptions in 2024 was +3.99%, while for January to July 2025, it was +0.86%[3] Group 2: Subscription Trends and Market Dynamics - The median first-day price-to-earnings ratio (PEttm) for new stocks in July 2025 was 12x, up 90% from the previous month[5] - The median amount of frozen funds for new stock subscriptions was 621.68 billion yuan, an increase of 12.51% month-on-month, with a median online winning rate of 0.04%[5] - The number of effective subscription accounts for Dingjia Precision reached 659,600, a 14.24% increase from the previous issuance[5] Group 3: Future Projections and Risks - The forecast for new stock issuance in 2025 is set at 30 stocks, assuming a steady pace of one issuance per week[5] - The expected first-day price increase for new stocks is projected at 300%, with a neutral expectation for the online winning rate at 0.038%[5] - Risks include slower-than-expected issuance speed, lower-than-expected price increases, and potential macroeconomic downturns[5]