Report Industry Investment Rating No relevant content provided. Core Views of the Report - In October 2025, the restart of unprofitable new shares issuance led to an increase in the monthly fundraising amount, and the new shares on the first - day of listing had no break - even, with an average increase of 219%. The new share subscription income remained high, and the "entry" strategy was the optimal one [2]. - The performance of new shares in different sectors and industries varies. The first - day performance of unprofitable new shares on the Science and Technology Innovation Board was excellent, and the choice of restricted - sale plans for unprofitable new shares had a significant impact on income enhancement [11][17]. Summary by Related Catalogs 1. Issuance and Listing Rhythm - In October 2025, there were 9 new listings on the Shanghai, Shenzhen, and Beijing stock exchanges, with a total initial public offering (IPO) fundraising of 1.2869 billion yuan. From January to October 2025, there were 87 new listings, and the total fundraising was 9.0172 billion yuan, a 9% increase in the number of new listings and a 71% increase in fundraising compared to the same period in 2024 [2][8]. - The 3 unprofitable new shares listed in October 2025 had a relatively large fundraising volume, driving the monthly fundraising amount to increase year - on - year and month - on - month [2][8]. 2. First - day Gain Performance - In October 2025, the 6 new shares listed in the Shanghai and Shenzhen markets were all issued offline. The new shares on the first - day of listing had no break - even, with an average increase of 219%, the same as in September. The average first - day increase of the first 3 unprofitable new shares on the Science and Technology Innovation Board with agreed restricted sales was 158% [2][11]. - Among the new shares on the Main Board in October, Daosheng Tianhe had a first - day increase of 351%, Chaoying Electronics had a first - day increase of 339%, and Marco Polo had a first - day increase of 148% [11]. 3. New Share Subscription Income Calculation - In October 2025, with the support of unprofitable new share income, the monthly new share subscription income remained high. Without considering unprofitable new shares, the new share subscription income of Class A/B accounts in October was 287,700/277,200 yuan respectively. Conservatively, if all 3 unprofitable new shares selected Plan A3, the total monthly full - subscription income of Class A/B was 623,400/608,800 yuan; optimistically, if all 3 unprofitable new shares selected Plan A1, the total monthly full - subscription income of Class A/B was 3,971,500/608,800 yuan [2][17]. 4. New Share Subscription Strategy at the Current Stage - The "entry" strategy is still the optimal one. It is recommended to actively participate in low - price, small - floating - stock new shares with expected first - day gains and large - market - value new shares with a large offline allocation volume. Among the registered but unlisted enterprises, companies such as Moore Threads are worth paying attention to [2][20]. - The performance of new shares in different sectors is affected by various factors. The Main Board new shares have had good performance and high first - day gains since 2023; the Science and Technology Innovation Board new shares are affected by market heat and policy support; the ChiNext Board is recommended to participate in low - price, small - market - value new shares [20].
IPO月度数据一览：（2025年10月）-20251104