若启用市值配售，北交所新股申购收益几何

Group 1 - The report clarifies the impact of the current new share allocation rules at the Beijing Stock Exchange (BSE) and explores the costs and benefits for investors under a hypothetical market value allocation scenario [4] - The existing new share subscription method at BSE uses "full prepayment + proportional allocation," where the allocation depends entirely on the amount of funds paid by investors, ensuring certainty in new share allocation [11][12] - As market enthusiasm increases, nearly one trillion yuan in frozen funds disrupts the interest rate market, and the allocation threshold gradually rises, concentrating new share allocations among a few cash managers, indicating a need for "market value allocation" reform in the long term [4][20] Group 2 - The historical evolution of China's new share allocation system shows that the market value allocation system has a mature framework, positively impacting small investors in the secondary market by linking the secondary market with new share subscriptions [4][36] - Under the market value allocation scenario, online investors' subscription limits are linked to their market value, making it a more inclusive market for small shareholders, with a cost threshold of approximately 200,000 to 300,000 yuan to meet the subscription cap for most companies under review [4][36] - The expected absolute increase in single subscriptions for new shares at BSE is about 23,000 yuan, with a market value threshold of only 10,000 yuan, making it attractive for small investors [4][36] Group 3 - The report suggests that if the BSE adopts market value allocation, it should consider restarting offline inquiries to reduce potential volatility from market value thresholds and attract long-term funds, particularly for cutting-edge technology companies [4][36] - The report highlights that the current market value allocation system could lead to a significant increase in the scale of market value base for online investors, potentially reaching 1 trillion yuan if the number of online accounts increases by 1 million, each with a 100,000 yuan base [4][36] - The report emphasizes the importance of focusing on undervalued and low-volatility stocks if the BSE implements market value allocation, as historical data shows that the cancellation of the prepayment system attracted many investors, leading to a shift towards large-cap value stocks [4][36]