“打新定期跟踪”系列之二百二十七：新股艾芬达本周询价

• The report tracks the recent IPO performance in the Sci-Tech Innovation Board, ChiNext, and Main Board markets, assuming all stocks are successfully subscribed and sold at the average market price on the first listing day, ignoring lock-up restrictions. As of August 22, 2025, the IPO yield for Class A accounts with a scale of 2 billion is 2.07%, and for Class B accounts with the same scale, it is 1.87%. For accounts with a scale of 10 billion, the yield is 0.65% for Class A and 0.59% for Class B[11][12][41] - The average first-day increase for Sci-Tech Innovation Board stocks is 218.45%, while for ChiNext stocks, it is 222.39%[16][17] - The median number of valid quotation accounts for the recent 20 IPOs is tracked. For Sci-Tech Innovation Board stocks, the median number of valid Class A accounts is approximately 3062, and Class B accounts are around 1602. For ChiNext stocks, Class A accounts are approximately 3664, and Class B accounts are around 2086. For Main Board stocks, Class A accounts are approximately 3866, and Class B accounts are around 2290[19][23] - The theoretical calculation of IPO yields assumes Class A accounts participate in all IPOs, with all quotations included, and stocks sold at the average price on the first open day. For accounts with scales of 1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion, the yields for individual stocks are calculated based on the average subscription rate and the first open-day price minus the issue price. For example, the yield for Guangdong Jianke is 17.63 million yuan for accounts with a scale of 2 billion[33][36][37] - Monthly IPO yields for Class A accounts are calculated under the assumption of full participation and 90% capital utilization efficiency. For accounts with a scale of 2 billion, the cumulative yield since 2024 is 5.80%, and since 2025, it is 2.07%[41][42][43] - Monthly IPO yields for Class B accounts are calculated similarly. For accounts with a scale of 2 billion, the cumulative yield since 2024 is 4.79%, and since 2025, it is 1.87%[45][46][48]