“打新定期跟踪”系列之二百三十七：近两个月打新收益环比上升

• The report tracks the recent IPO market performance, focusing on the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are fully subscribed and sold at the market average price on the first trading day, excluding lock-up restrictions. For 2025, as of November 7, the IPO yield for Class A accounts with a scale of 2 billion is 2.70%, while for Class B accounts of the same scale, it is 2.28%. For accounts with a scale of 10 billion, the yield is 0.98% for Class A and 0.75% for Class B[11][12][13] - The average first-day increase for Sci-Tech Innovation Board stocks is 219.94%, while for ChiNext stocks, it is 244.28%[20][21][24] - The report calculates the theoretical IPO yield using Class A average winning rates. The formula for calculating the full subscription yield is: Full subscription quantity = Maximum subscription limit × Class A average winning rate Full subscription yield = (First board price - IPO price) × Full subscription quantity Most stocks yield between 5 to 100 thousand yuan, with the highest being Xi'an Yicai-U (98.18 thousand yuan), Heyuan Bio-U (78.03 thousand yuan), and Bibet-U (16.37 thousand yuan)[42][43][46] - The report measures IPO yields for accounts of different scales (1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion) under the assumption of full subscription and 90% fund utilization efficiency. For Class A accounts, the cumulative yield for 2025 is 2.70%, while for Class B accounts, it is 2.28%[44][48][52] - The monthly IPO yield for Class A accounts across all boards is detailed, with the highest yield in October 2025 (219.56 thousand yuan for 10 billion accounts). The cumulative yield for 2025 is 2.70% for 2 billion accounts[50][51][53] - The monthly IPO yield for Class B accounts across all boards is detailed, with the highest yield in July 2025 (175.38 thousand yuan for 10 billion accounts). The cumulative yield for 2025 is 2.28% for 2 billion accounts[53][54][56]