打新市场跟踪月报20251201：新股募资规模环比回落，网下询价账户持续扩容-20251201
EBSCN·2025-12-01 10:51
  • The report introduces a quantitative model for calculating IPO returns based on the formula: Single account IPO return = min(account size, subscription limit) * winning rate * return rate A/B class investors full subscription return = subscription limit * A/B class offline winning rate * return rate The winning rate considers actual offline IPO results, and the return rate is calculated using the first-day average transaction price relative to the issue price for registered IPOs, or the average transaction price on the opening day for non-registered IPOs[42][43][48] - The model evaluates IPO returns across different market segments (Main Board, ChiNext, STAR Market) and investor classes (A/B). For November 2025, the calculated IPO return rates for a 5-billion-scale account are: Main Board: A class: 0.037%, B class: 0.035% ChiNext: A class: 0.058%, B class: 0.058% STAR Market: A class: 0.046%, B class: 0.045%[43][44][47] - The cumulative IPO return rates for 2025 are: A class: 1.716% B class: 1.399% These values are based on a 5-billion-scale account participating in all IPOs during the year[49][50][51] - Full subscription returns for November 2025 are calculated as follows: Main Board: A class: 19 million yuan, B class: 17.9 million yuan ChiNext: A class: 31.3 million yuan, B class: 31.2 million yuan STAR Market: A class: 22.8 million yuan, B class: 22.6 million yuan[52][53][55]